Mortgage Rates Continue to Rise

Rhea-AI Summary

Freddie Mac reports that mortgage rates have increased, with the 30-year fixed-rate mortgage averaging 6.79%, up from 6.72% last week but down from 7.50% a year ago. The 15-year fixed-rate mortgage averaged 6.0%, slightly up from 5.99% last week and lower than 6.81% from the previous year. Chief Economist Sam Khater notes that purchase demand is highly sensitive to rate changes, with purchase applications declining 10% over the last month since rates began rising in early October.

Positive

• 30-year FRM rates are lower compared to last year (6.79% vs 7.50%)
• 15-year FRM rates decreased year-over-year (6.0% vs 6.81%)

Negative

• 30-year FRM increased week-over-week from 6.72% to 6.79%
• Purchase applications declined 10% over the last month
• 15-year FRM increased week-over-week from 5.99% to 6.0%

MCLEAN, Va., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.79 percent.

“Mortgage rates continued to inch up this week, reaching 6.79 percent,” said Sam Khater, Freddie Mac’s Chief Economist. “It is clear purchase demand is very sensitive to mortgage rates in the current market environment. As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10 percent.”

News Facts

• The 30-year FRM averaged 6.79 percent as of November 7, 2024, up from last week when it averaged 6.72 percent. A year ago at this time, the 30-year FRM averaged 7.50 percent.
• The 15-year FRM averaged 6.0 percent, up from last week when it averaged 5.99 percent. A year ago at this time, the 15-year FRM averaged 6.81 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2a10ac03-f4b1-485f-8bf0-293af7641ed5

FAQ

What is the current 30-year fixed mortgage rate for Freddie Mac (FMCC)?

As of November 7, 2024, Freddie Mac's 30-year fixed-rate mortgage averaged 6.79%, up from 6.72% the previous week.

How much have Freddie Mac (FMCC) mortgage rates changed from last year?

The 30-year FRM is down from 7.50% a year ago, while the 15-year FRM is down from 6.81% to 6.0%.

How have rising rates affected purchase applications for Freddie Mac (FMCC)?

Purchase applications have declined 10% over the last month since rates began rising in early October 2024.

What is the current 15-year fixed mortgage rate for Freddie Mac (FMCC)?

As of November 7, 2024, the 15-year fixed-rate mortgage averaged 6.0%, up from 5.99% the previous week.